Federal Agriculture Reform and Risk Management Act of 2012

[AI summary unavailable — showing source text] Federal Agriculture Reform and Risk Management Act of 2012 - Repeals, but continues for crop year 2012: (1) direct payments, (2) countercyclical payments, and (3) the average crop revenue election program (ACRE). Provides for crop years 2013-2017 either: (1) price loss coverage if a covered commodity's effective price is less than its reference price; or (2) alternative revenue loss coverage, as a permanent one-time election, if a covered commodity's county revenue is less than the county revenue loss coverage trigger. Authorizes: (1) nonrecourse marketing assistance loans, (2) loan deficiency payments, (3) payments in lieu of loan deficiency payments for grazed acreage, (4) programs for upland cotton and extra long staple cotton, (5) assistance for peanuts, (6) recourse loans for high moisture feed grains and seed cotton, and (7) programs for sugar and sugar beets. Establishes a dairy production margin protection program under which participating dairy operations are paid: (1) basic production margin protection program payments when production margins are less than threshold levels, and (2) supplemental production margin protection program payments if purchased by a participating …